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How the U.S. Treasury avoided Chronic Deflation by Relinquishing Monetary Control to Wall Street

Tuesday, February 14, 2017 22:39
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(Before It's News)

by Michael Hudson, as published in theSocial Sciences Research Network

The Eurozone today is going into the same deflationary situation that the U.S. did under Jackson’s destruction of the Second Bank, and the post-Civil War budget surpluses that deflated the economy. But whereas the Fed’s creation was designed to inflate the U.S. economy, Europe’s European Central Bank is designed to deflate it – in the interest of commercial banks in both cases.

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Source: http://econintersect.com/a/blogs/blog1.php/how-the-u-s-treasury

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